FP Markets is a Forex and CFD broker established in 2005. The company is owned by First Prudential Markets Pty Ltd., which is headquartered at Level 5, Exchange House, 10 Bridge St, Sydney NSW 2000 Australia. FP Markets has satellite offices in Shanghai and Beijing. The company has a robust reputation and though you can find occasional complaints there is no red mark associated with FP Markets.
The company covers a wide range of capital markets products and is used by both retail and institutional traders.
Types of Platforms
FP Markets offers 2-types of platforms, neither which has been developed in house. For Forex they offer the industry staple MT4/5. There are no surprises with Meta Trader which is an industry-standard. This tells you that the company is focused on providing liquidity and large selection of products, and not trying to reinvent the wheel You can run the expert advisor on MT4/5 allowing you to backtest and fully automate your trading strategy. The platform offers 1-click trader as well as a VPS service.
CFD trading is transacted through the IRESS platform, which is a state of the art platform with excellent charting and analytic capabilities. IRESS Trading Platform is an HTML web-based platform that can be accessed from any browser. This platform has access to all of FP Markets global markets, and support multiple order types. IRESS offers more than 59-technical indicators and dozens of drawing tools, including trend lines and Fibonacci retracements. The platform offers the ability to save templates allowing you to see hundreds of different screens.
The registration process is straight forward but is based on the jurisdiction that regulates your domicile. You can start with a demonstration account, which provides access to most of the functionality available with a real-money account. You have a choice of base currencies including the AUD, GBP, EUR, SGD and USD when you register after supplying your name, address, phone number and email.
Additionally, you have a choice of platforms which include MT4, MT5 and IRESS. If you open a real-money account you will be asked about the account type you are opening which include individual, joint, corporate or trust accounts.
FP Markets provides 2-different types of products which include Forex, shares and CFDs. The platform to trade forex is an ECN, while the CFDs are traded as a traditional broker. The CFD section provides investors with thousands of underlying products, including commodities, indices and shares. FP market also offers CFDs on ETF, as well as sector-based ETFs.
Not all the shares that are traded are leverage CFDs. FP Market does offer share trading on ASX shares. This means that you can buy shares of a company and receive a dividend. If you purchase shares the leverage will be lower as FP Markets will need to abide by the maximum leverage allowed by the Australian Investments & Securities Commission. If you are interested in trading CFDs, the products are transacted on the IRESS platform, which is web-based and an alternative to the MT4 and MT5 systems. FP Markets offers 45 currency pairs. For non-retail clients, FP Markets offers MAM/PAMM accounts where a manager can offer portfolio management to several clients on different trading accounts. MAM/PAMM accounts offer access to assets traded on MT4 and MT5.
IRESS and MT4/5 are available for download on your mobile through the Apple App Store or Google Play. These mobile trading apps contain many of the same capabilities as the desktop platforms by are optimized for use on iOS and Android.
Customer support is robust and this is reflected by the awards FP Markets consistently wins as number-1 in client satisfaction. FM Markets offers several choices to communicate with a customer support specialist. These methods include live chat, telephone, email and social media. The company caters to their global client base by offering information that is translated into a number of languages including Chinese, Russian, German, Italian, Spanish, Swedish, French, Thai and Portuguese.
Deposits and Withdrawals
There are several methods that can be used to deposit and withdraw funds. For countries that allow credit card deposits (not the United States), there is a variable charge that ranges from 1.8% for Australian clients to 3.18% for FP International clients. You can deposit through Union Pay, Skrill or Neteller, where the company will charge you a variable rate. They also offer standard bank transfers as well as BP pay and broker to broker transfers.
Withdrawals from FP Markets can take 2-business days to 5-business days, and while there is no fee for withdrawals from Australian clients there is a $20 charge for withdrawals via bank wire and a 1.8% fee for credit card refunds.
FP Markets Account Types
There is a broad selection of accounts to choose from.
The account type you choose is more of a function of what you plan to trade then the platform you are planning to use. For example, if you only trade spot forex, they have a standard forex account or ECN Raw accounts.
The Standard Account, is a commission-free trading account, with a minimum initial deposit of $200. If you want an account with more products you can consider the ECN Raw Account, which provides access to 60-different products including forex, indices and specific commodities.
If you are interested in CFD investing, you can choose from several different accounts, each with specific capabilities. The professional account has a minimum deposit of $1K, $10 on commissions and $55 IRESS trading fee. The platinum account has an initial deposit of $25K, $9 commissions and a $55 IRESS fee. The top of the line is the Premier account which has a $50K initial deposit requirement and no platform fee.
Share Trading Accounts
Include Individual accounts, Joint Accounts, Trust Accounts, Corporate Accounts and Super Fund Accounts
Spreads and Commissions
The company offers a schedule of fees on their web site. The spreads and commissions will vary depending on your account type and the product you are trading. The commissions on share trading are 0.8% for non-leveraged CFDs and 0.11% for standard share purchases. For CFD’s commissions start at 0.08% for the Premier account ranging up to 0.1% for a professional account. There are no commissions on FOREX. The bid/offer spread can be as tight as zero. You should expect approximately a 1-pip bid/offer spread for the major currency pairs on a standard account.